On January 29, 2023, PricewaterhouseCoopers Inc., LIT was appointed as trustee (the “Proposal Trustee”) of Goldenkey Oil Inc. pursuant to the Bankruptcy and Insolvency Act, under which it filed a Notice of Intention to Make a Proposal.
Goldenkey Oil Inc. and its joint venture partners (collectively “Goldenkey” or the “Company”) has engaged Sayer Energy Advisors to assist it with a sale of all of Goldenkey’s oil and natural gas interests located in the Willesden Green, Belloy, and Nipisi areas, as well as minor interests in the Matziwin, Manir and Smoky areas of Alberta (the “Properties”).
The Proposal Trustee has also provided a Sale and Investment Solicitation Process document (the “SISP”) outlining the details of the bankruptcy sale. A copy of the SISP is found on our website at www.sayeradvisors.com.
Average daily production net to Goldenkey from the Properties for the three months ended February 28, 2023 was approximately 62 barrels of oil per day and 184 Mcf/d of natural gas (92 boe/d).
Operating income net to Goldenkey from the Properties for three months ended February 28, 2023 averaged approximately $88,900 per month, or $1.1 million on an annualized basis.
As of March 4, 2023, Goldenkey’s net deemed asset value for the Properties was $1.7 million (deemed assets of $4.5 million and deemed liabilities of $2.7 million), with an LMR ratio of 1.64.
Further details regarding the SISP and marketing process can be found on our website at www.sayeradvisors.com. Summary information relating to this divestiture is attached to this correspondence. A package of more detailed confidential information will be sent to any party executing a Confidentiality Agreement (copy attached).
Offers relating to this divestiture will be accepted as outlined in the SISP until 12:00 pm on Thursday, June 1, 2023.
For further information please feel free to contact: Ben Rye, Sydney Birkett or Tom Pavic at 403.266.6133.